Daily Market Highlights (17.07.2023)

MSE Equity Price Index reaches a fresh one-year high

 

The MSE Equity Price Index advanced by 0.98% to 3,776.495 points, the highest level since June 2022, mostly driven by gains in HSBC and IHI. Hili Properties and MPC also ended the session in positive territory while MIA and GO moved lower. Meanwhile, two other equities closed unchanged as the total trading amounted to €0.19 million. Download today’s Equity Market Summary.

HSBC Bank Malta plc climbed by 7.8% to a one-month high of €1.25 across eleven trades totalling 76,606 shares, having a market value of just under €0.1 million. HSBC is set to publish its half-year results on 1 August.

Also among the large companies by market value, International Hotel Investments plc rebounded by 8.9% to the €0.55 level, albeit on a single trade of 1,000 shares.

Hili Properties plc moved 3.3% higher to the €0.248 level after recovering from an intraday low of €0.21 (-12.5%) across four trades totalling 22,750 shares.

Also in the property sector Malta Properties Company plc gained 2.6% to the €0.40 level after recovering from an intra-day low of €0.362 (-7.2%) across volumes totalling 22,200 shares.

Malta International Airport plc eased by 0.9% back to the €5.50 level as 1,320 shares changed hands.

GO plc slumped by 6% to the €2.82 level over two trades totalling to 2,000 shares.

Bank of Valletta plc closed unchanged at the €1.24 level after recovering from a low of €1.18 (-4.8%) across volumes totalling 24,160 shares.

Meanwhile, PG plc closed unchanged at the €1.96 level after failing to hold to an intraday high of €2.00 (+2%). A total of 17,720 shares changed hands.

The RF MGS Index shed 0.11% to 868.516 points. China’s GDP growth in Q2 2023 amounted to an annualised rate of 6.3%, which is higher than the growth registered in the previous quarter but below expectations. The weak economic data led to declines in oil and natural gas prices amid concerns of oversupply. Meanwhile, wheat prices surged as Russia announced that it will not be renewing the Black Sea Grain Initiative.

 

This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange.